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Who to inform and how to get through probate
An Executor is responsible for sorting out the assets of a deceased – often a loved one or family member. This can sometimes take a long time, especially if their wishes are unclear. This article has been written to shed light on the tasks of an Executor when wrapping up an estate. For those thinking ahead, I hope that this article will help you consider who you want to undertake these tasks on your behalf. There are two main hurdles for an Executor; registering the death and obtaining probate. This article is a step-by-step guide for Executors, written in simple language for difficult times.
1. Register the death
The Undertaker can’t arrange a funeral until a Burial or Cremation Certificate is issued by the Registrar. All Financial Institutions the deceased had dealings with will need to see an original Death Certificate, so remember to request plenty of these (and take the relevant fee with you). Scans or photocopies are not acceptable.
2. Secure the home and protect valuables
Empty properties are a magnet for burglars and the insurance cover may not be as comprehensive as it was prior to death. If it is winter, it is also important to either drain the water system or ensure heating is left on to protect against burst pipes.
3. Arrange the funeral
Check to see if there was a pre-paid funeral plan, as this may well dictate which Undertaker is used. Also check the Will to see if there are any expressions of wishes as far as burial or cremation are concerned. If it is a burial, you also need to be on the lookout for a Deed to a plot.
4. Contact insurance companies
It is important to advise the insurers of the house, contents and cars of the death and ensure the interest of the Personal Representatives (Executors or Administrators) are noted and any limitations or exclusions understood.
5. Contact ‘Tell Us Once’
This is a useful service offered by the Registrar, which advises all relevant Government Departments, both national and local, of the death. If possible, find the driving licence, passport and any blue badge the deceased had before going to register the death, as these need to be handed to the Registrar. You’ll also need their National Insurance Number.
6. Locate the Will
There may be a copy of the Will in the house. The original could be in storage elsewhere. You will need to find the original to apply for Probate.
7. Apply for Probate
Before the Executor named in the Will can do this, they need a clear picture of the assets and liabilities of the estate, and will then need to apply for Probate. If the estate is going to be straightforward, particularly if there is no IHT to pay, then the process has recently been simplified; everything can now be completed online, both the HMRC IHT Return and the Probate application itself.
8. Value the estate
You need to advise all Financial Institutions of the death and ascertain the value of accounts as at the date of death. Non-financial assets such as property, jewellery and vehicles need to be valued professionally. Personal effects and cars can be sold by the Executor prior to obtaining Probate and is probably the best way to secure such valuables. In which case, the sale proceeds can be substituted for any valuation. You also need to ascertain any debts, including household accounts outstanding at the date of death.
9. Collect assets, discharge debts and pay the beneficiaries
Once Probate has been granted and the tax affairs of the deceased have been sorted, the process of settling an estate involves gathering assets, paying debts and then distributing everything left in accordance with the Will.
Get help with your estate planning
With asset prices still rising and the Inheritance Tax (IHT) Nil Rate Band still frozen at the 2009 level of £325,000, it is unsurprising that the Government collected £7.5bn IHT in 2023/24. If you need guidance – in making plans for your estate, or completing your duties as an executor – you may benefit from having a specialist on your side to help guide you through the process. As a member of SOLLA (Society of Later Life Advisers), I am often called upon at Wren Sterling to provide advice to clients with queries about their legacy.
In cases where support is needed from solicitors, we have estate planning partners who can help ensure your wishes are carried out, while we concentrate on financial planning (providing advice on such topics as retirement, investments, protection needs and tax planning.) If you’re starting to think about your estate plans, or have been asked to be an Executor and are looking for support, contact your adviser, or email marketing@wrensterling.com.
This article is for general information purposes only and the information provided does not, and it not intend to, constitute legal advice or tax advice. The Financial Conduct Authority does not regulate wills, estate and inheritance tax planning.
www.gov.uk/order-copy-birth-death-marriage-certificate
www.gov.uk/wills-probate-inheritance/applying-for-a-grant-of-representation
